Author Archives: Holly

Accounting Diploma – What You Need to Know to Jump Start Your Career

Students who are looking to earn an accounting diploma in Johnstown or Indiana, PA has a lot of options available. The demand for certified accountants are increasing and there are a plethora of fields to enter once receiving certification.Most financial accounting degrees can be acquired through business schools and is usually the best option. A two year Associates in Specialized Business (ASB) Accounting Degree is necessary to develop the right amount of skills essential for working in the financial field.Many students may be concerned about whether they will find a job as an accountant upon graduation. An accounting degree allows accountants to find employment as a; bookkeeper, accounting staff assistant, business manager, tax preparer or a payroll specialist. Many accountant graduates are also able to work in the banking and insurance fields.When pursuing an accounting diploma, certain courses are required and classes usually include hand-ons practice. Some parts of the accounting course covers the basics and no prior knowledge in financial accounting is necessary. Some of the lectures will cover spreadsheets, database, word processing and presentation software. An accounting program holds a strong focus on Microsoft office suite (word processing software).

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Many students are able to carry their own laptop to classes and take practical courses which will serve to attain specific knowledge in the accounting field.Students will have access to a career services department along with convenient schedules.Many schools are starting to learn the importance of having flexibility in their schedules, which is why they organized a setting where students can take off Fridays and/or weekends.Students who pursue an accounting diploma receive extensive computer training in all fields of study. Many accounting fields require employers to know accounting software, keying and logging. Some of the most prominent software include PeachTree and Quickbooks.If students want to transfer to another school, their credits are transferable. Students can also receive exemption testing.Accounting diploma programs are usually persistent when linking accounting graduates with desired companies. Many of these schools have networks and access to top-level companies looking to hire new graduates.An example of classes a student will have to complete towards graduation include: Accounting Principles, Intermediate Accounting, Federal Tax, Payroll Accounting, Financial Statement Analysis, Cost Accounting, Managerial Accounting, Accounting Simulations, College English, Professional Development and Business Communications.Many accounting graduates must be able to calculate, input and verify data on a regular basis. In some cases (if appointed as accounting manager), they may have to oversee all of the basic functions in addition to maintaining all financial records. Accountants spend a lot of their time researching or reviewing the work of others.

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Another popular position accounting graduates seek is a financial analyst. A financial analyst is responsible for reconciling and forecasting internal accounts. They are required to monitor documents and spend a lot of their time compiling data, ensuring accuracy and analyzing information.Once a student progresses through the program, some classes include; Microcomputer Concepts, Spreadsheet Applications, Database Applications, Word Processing 1 and Computerized Accounting.There are many choices available to those with an accounting diploma in Johnstown or Indiana, PA.

Know When Your Business Needs IT Consulting Services

Businesses must ensure that only the latest technologies and software are deployed at the workplace, in order to provide quality solutions to their clients, and to be ahead of the competition. With the ever-changing technological trends in the industry, businesses find it cumbersome to adopt these technologies. Instead they can hand the entire function over to a sound IT consulting services company – who in turn will tap into their global pool of highly skilled IT professionals, who have the advantage of working in various IT environments, and have extensive experience across sectors. By providing assistance to business, IT consulting services providers free up existing resources; ensure IT transitions are smooth and problem-free; optimise key business processes; identify areas that benefit with further cost saving; build competitive advantage through IT; reduce IT complexities; provide IT strategy consultancy services, IT project management services and provide specialised programme management solutions – all of which, help the organisation achieve significant business efficiencies and cost benefits.

Choosing to work with an IT firm definitely boosts a company’s overall efficiency, which in turn decreases costs. Firms tend to look for a flexible and bespoke solution to address the client’s IT needs, thereby delivering solutions that are in tandem with the client’s goals.

The advantages listed above necessitate hiring an IT company. But how will a business know that it needs IT consultancy services?

A business may function with its existing IT architecture without knowing the benefits of such services. In order to discern the need for IT consulting services, businesses must first understand the details of their services. According to Wikipedia, ‘IT consulting is a field that focuses on advising businesses on how best to use IT to meet their business objectives. In addition to providing advice, IT consultancies often estimate, manage, implement, deploy, and administer IT systems on businesses’ behalf, known as Outsourcing’. IT consulting services firms thereby help businesses strategise and evaluate their IT functions as a whole and take the necessary steps to implement and/or deploy and then administer effective and robust IT systems in place. Businesses can seek the services of an IT firm when:

  1. IT investments regularly overshoot the set budget. Fast-paced technologies and trends warrant proper planning. When making strategic use of the allocated budget seems difficult, seeking the advice of IT consultancy services providers is imperative.
  2. A business decides to relocate or reduce staff.
  3. Projects regularly miss deadlines. Lack of specialists, complex projects and shoestring budgets lead to inefficient project management. A sound IT consulting services company designs bespoke, safe and cost-effective solutions, either full time or part time.
  4. Challenges of globalization, technical and regulatory changes arise. Business and technology management when integrated help the business survive, and therefore IT strategy consultancy is important.
  5. Programmes and projects eat into the budget. A business needs specialised programme management solutions to achieve significant cost savings. A robust IT services company provides either the co-sourcing or the outsourcing model to help businesses remain ahead of the competition, by providing tailored solutions.
  6. There is a need to change networks or when the need to shift to a new IT architecture arises.
  7. The company is in need of a robust disaster recovery plan.
  8. There are no data storage systems in place.

Availing the services of the right IT consulting services company may be a challenge. A business must choose a provider before the problems stated above get worse – and must choose a provider who is able to set in place a sound IT system in place. Therefore, a business must choose a provider who provides flexible solutions. Businesses must also remember that though they think they are able to fix small issues, the reality is that these issues must be treated at the root, and they can be properly tackled only with strategic IT solutions – only provided by an effective IT consulting services company.

The Importance of Import and Export

No matter how rich a country is, how small or big it is, no nation is self-sufficient. It will never be totally independent from the rest and have everything it needs. Every country, no matter how powerful it is, needs raw materials from other countries to produce products that it needs or that is needed by other countries. In short, every country is involved in import export transactions.

Hundreds of years ago, Europe, the Far East and the United States were already importing and exporting goods between themselves and other countries. It had already set up a simple system of trading and global sourcing, albeit on a smaller scale. Today, import and export has become a very important part of the economy. This business has flourished into a more sophisticated but convenient, smoother and safer business. Risks are minimized with more international trading laws that aim to protect both importers and exporters. Regulating and governing bodies such as the World Trade Organization (WTO) has streamlined the export import system. Trade agreements like the North American Free Trade Agreement (NAFTA) have greatly contributed to the growth of the industry.

It is also now highly possible for small countries to go beyond the borders of their countries and reach out to a wider marketplace that can bring in products and supplies that they need. The businesses in these countries can benefit from having lower product costs and have a competitive edge over bigger countries. The demand for more imported products is growing exponentially and businesses are taking these import export opportunities seriously. There are new international markets open for both importers and exporters that have brought in a lot of opportunities for companies to lower production or buying costs and make higher profits.

Because of global sourcing, businesses have access to more product and technology choices that are up to international standards that are otherwise not available in that particular place. Importing products offers an alternative source of supply so there is reduced dependence on local suppliers for products that may have a limited supply. Exporting products give countries a chance to expand its market outside its territories.

With more information available to the businessmen following the advent of the internet and advancement of technology, all types of businesses can take advantage of the many import export business opportunities available. It is not so surprising for a processor to be exported from the Philippines to Taiwan for assembly into laptops.

Singapore then imports the laptop for Asian distribution then re-exports it back to other countries within its Asian sales territory.

Advanced trade systems have given businesses the assurance that transactions can flow smoothly and securely. Several companies have seamlessly integrated its import export business transactions with its operations by bringing in professional manpower that understands the intricacies of the business and who have undergone import export training courses.

With enough information and assistance from knowledgeable personnel, businesses are able to take advantage of the many import export business opportunities for both purchasing and marketing as well as make use of business systems that can help the company achieve maximum advantage in the international market.

People Management – The Objectives in Managing People

The new Manager will generally have great expertise in the technical side of the role, and high performance here will have gained them the promotion to people manager or supervisor. However, in every walk of life the newly appointed supervisor will have less developed people management, communication and people skills. Whether the work is in the shop floor, a hospital, an office or a business, the new Manager will have technical expertise but will require to build their people management and team building skills.

The Objectives of People Management

Identifying clear objectives will help any Manager begin to build the competencies they need to manage people effectively. These objectives are:

1. To Achieve through the Results of Others. Up to now, the Manager has been responsible for his or her own performance and results. Now, you will be measured on the results of your team members. Success in people management is having team members that outperform the best of the best, and they do it without the Manager’s help.

2. To Win Followers. It is the job of the leader to win the respect of the followers and to show them the direction forward. An effective people manager does not want to be liked, but they do want to show respect and to gain respect. Success is when the Team Members trust that they have a captain of the ship who will both keep them safe, and who will build the high performing team that will succeed.

3. To Build Personal Leadership. You cannot lead others if you cannot lead yourself. Before being a Manager, you could be loose cannon. Now you must control everything you do to ensure you win the respect of others and motivate them to achieve their goals. Appreciate that your attitude and behaviour will influence your team members either positively or negatively. Use your behaviour positively to encourage others to improve and achieve.

4. To Structure and Organise the World Load Effectively. People management involves knowing the strengths of your people and ensuring that you use those strengths effectively to achieve high results. That does not necessarily mean building a team of individual specialists, quite the reverse. Effective people management means building the right team to achieve your team’s objectives. You may need to build flexible people who can step in to each other’s role, or a team who can brainstorm and problem solve any aspect of the team’s workload. Start with the end in mind. Identify what type of team you want, and work out how you will train individuals and the team to get there.

5. To Build Effective Team Processes. Team processes are the systems we use to enable the team to achieve its goals. How do we solve problems, address issues, generate new ideas, monitor throughput of work or review how we are working together as a team? Think in terms of process as the solution to most work issues is to have the right process to deal with this. Success is when the team have an identifiable process they can call on to removing any block or implement any improvement. A high performing team will use this without the leader being present.

6. To Build Positive Working Relationships with Senior Management and other Colleagues. People Management involves not just managing your own people, and yourself, but managing your relationships with everyone. It is the role of the Manager to be capable of drawing down resources for the Team and ensuring that we work productively with other departments. Your team will want a leader who can influence and persuade others. A Manager must know what type of relationship is effective and they will go about building positive working relationships with a network of people throughout the organisation. Success is when everyone wants to do business with you and others will listen to your viewpoint.

7. To Build the Habit of Setting Short-term Goals to Achieve Long-term Objectives. An effective People Manager takes steps forward every week and every month. Those steps are in identifiable goals, and those goals must be foundation bricks so that further goals will be more achievable. Managers walk and talk goals and goal achievement. Goals are motivational for the team members and for the Manager.

8. Celebrate Success. Good people management is about recognising milestones, goal achievements or individual breakthroughs, and celebrating these with the team. Life should be fun, and the best celebrations are small, personal recognitions. A homemade cake is more powerful that an insignificant bonus! Managing people is about knowing people, and knowing what will be rewarding for each.

Main Functions of Management

There are four main functions of management.

1. Planning.

2. Organizing.

3. Leading.

4. Controlling.

Planning.

Planning is an important managerial function. It provides the design of a desired future state and the means of bringing about that future state to accomplish the organization’s objectives. In other words, planning is the process of thinking before doing. To solve the problems and take the advantages of the opportunities created by rapid change, managers must develop formal long- and short-range plans so that organizations can move toward their objectives.

It is the foundation area of management. It is the base upon which the all the areas of management should be built. Planning requires administration to assess; where the company is presently set, and where it would be in the upcoming. From there an appropriate course of action is determined and implemented to attain the company’s goals and objectives

Planning is unending course of action. There may be sudden strategies where companies have to face. Sometimes they are uncontrollable. You can say that they are external factors that constantly affect a company both optimistically and pessimistically. Depending on the conditions, a company may have to alter its course of action in accomplishing certain goals. This kind of preparation, arrangement is known as strategic planning. In strategic planning, management analyzes inside and outside factors that may affect the company and so objectives and goals. Here they should have a study of strengths and weaknesses, opportunities and threats. For management to do this efficiently, it has to be very practical and ample.

Characteristics of planning.

Ø Goal oriented.

Ø Primacy.

Ø Pervasive.

Ø Flexible.

Ø Continuous.

Ø Involves choice.

Ø Futuristic.

Ø Mental exercise.

Ø Planning premises.

Importance of planning.

* Make objectives clear and specific.

* Make activities meaningful.

* Reduce the risk of uncertainty.

* Facilitators coordination.

* Facilitators decision making.

* Promotes creativity.

* Provides basis of control.

* Leads to economy and efficiency.

* Improves adoptive behavior.

* Facilitates integration.

Formal and informal planning.

Formal planning usually forces managers to consider all the important factors and focus upon both short- and long-range consequences. Formal planning is a systematic planning process during which plans are coordinated throughout the organization and are usually recorded in writing. There are some advantages informal planning. First, formalized planning forces managers to plan because they are required to do so by their superior or by organizational rules. Second, managers are forced to examine all areas of the organization. Third, the formalization it self provides a set of common assumptions on which all managers can base their plans.

Planning that is unsystematic, lacks coordination, and involves only parts of the organizations called informal planning. It has three dangerous deficiencies. First, it may not account for all the important factors. Second, it frequency focuses only on short range consequences. Third, without coordination, plans in different parts of the organization may conflict.

Stages in planning.

The sequential nature of planning means that each stage must be completed before the following stage is begun. A systematic planning progress is a series of sequential activities that lead to the implementation of organizational plans.

  • The first step in planning is to develop organizational objectives.
  • Second, planning specialists and top management develop a strategic plan and communicate it to middle managers.
  • Third, use the strategic plans to coordinate the development of intermediate plans by middle managers.
  • Fourth, department managers and supervisors develop operating plans that are consistent with the intermediate plans.
  • Fifth, implementation involves making decisions and initiating actions to carry out the plans.
  • Sixth, the final stage, follow-up and control, which is critical.

The organizational planning system.

A coordinated organizational planning system requires that strategic, intermediate, and operating plans be developed in order of their importance to the organization. All three plans are interdependent with intermediate plans based on strategic plans and operating planes based on intermediate plans. Strategic plans are the first to be developed because they set the future direction of the organization and are crucial to the organization’s survival. Thus, strategic plans lay the foundation for the development of intermediate and operating plans. The next plans to be developed are the intermediate plans; intermediate plans cover major functional areas within an organization and are the steppingstones to operating plans. Last come operating plans; these provide specific guidelines for the activities within each department.

Organizing.

The second function of the management is getting prepared, getting organized. Management must organize all its resources well before in hand to put into practice the course of action to decide that has been planned in the base function. Through this process, management will now determine the inside directorial configuration; establish and maintain relationships, and also assign required resources.

While determining the inside directorial configuration, management ought to look at the different divisions or departments. They also see to the harmonization of staff, and try to find out the best way to handle the important tasks and expenditure of information within the company. Management determines the division of work according to its need. It also has to decide for suitable departments to hand over authority and responsibilities.

Importance of the organization process and organization structure.

  1. Promote specialization.
  2. Defines jobs.
  3. Classifies authority and power.
  4. Facilitators’ coordination.
  5. Act as a source of support security satisfaction.
  6. Facilitators’ adaptation.
  7. Facilitators’ growth.
  8. Stimulators creativity.

Directing (Leading).

Directing is the third function of the management. Working under this function helps the management to control and supervise the actions of the staff. This helps them to assist the staff in achieving the company’s goals and also accomplishing their personal or career goals which can be powered by motivation, communication, department dynamics, and department leadership.

Employees those which are highly provoked generally surpass in their job performance and also play important role in achieving the company’s goal. And here lies the reason why managers focus on motivating their employees. They come about with prize and incentive programs based on job performance and geared in the direction of the employees requirements.

It is very important to maintain a productive working environment, building positive interpersonal relationships, and problem solving. And this can be done only with Effective communication. Understanding the communication process and working on area that need improvement, help managers to become more effective communicators. The finest technique of finding the areas that requires improvement is to ask themselves and others at regular intervals, how well they are doing. This leads to better relationship and helps the managers for better directing plans.

Controlling.

Managerial control is the follow-up process of examining performance, comparing actual against planned actions, and taking corrective action as necessary. It is continual; it does not occur only at the end of specified periods. Even though owners or managers of small stores may evaluate performance at the end of the year, they also monitor performance throughout the year.

Types of managerial control:

* Preventive control.

Preventive controls are designed to prevent undesired performance before it occurs.

* Corrective control.

Corrective controls are designed to adjust situations in which actual performance has already deviated from planned performance.

Stages in the managerial control process.

The managerial control process is composed of several stages. These stages includes

  1. Determining performance standards.
  2. Measuring actual performance.
  3. Comparing actual performance against desired performance (performance standards) to determine deviations.
  4. Evaluating the deviations.
  5. Implementing corrective actions.

2) Describe how this each function leads to attain the organizational objectives.

Planning

Whether the system is an organization, department, business, project, etc., the process of planning includes planners working backwards through the system. They start from the results (outcomes and outputs) they prefer and work backwards through the system to identify the processes needed to produce the results. Then they identify what inputs (or resources) are needed to carry out the processes.

* Quick Look at Some Basic Terms:

Planning typically includes use of the following basic terms.

NOTE: It is not critical to grasp completely accurate definitions of each of the following terms. It is more important for planners to have a basic sense for the difference between goals/objectives (results) and strategies/tasks (methods to achieve the results).

  • Goals

Goals are specific accomplishments that must be accomplished in total, or in some combination, in order to achieve some larger, overall result preferred from the system, for example, the mission of an organization. (Going back to our reference to systems, goals are outputs from the system.)

  • Strategies or Activities

These are the methods or processes required in total, or in some combination, to achieve the goals. (Going back to our reference to systems, strategies are processes in the system.)

  • Objectives

Objectives are specific accomplishments that must be accomplished in total, or in some combination, to achieve the goals in the plan. Objectives are usually “milestones” along the way when implementing the strategies.

  • Tasks

Particularly in small organizations, people are assigned various tasks required to implement the plan. If the scope of the plan is very small, tasks and activities are often essentially the same.

  • Resources (and Budgets)

Resources include the people, materials, technologies, money, etc., required to implement the strategies or processes. The costs of these resources are often depicted in the form of a budget. (Going back to our reference to systems, resources are input to the system.)

Basic Overview of Typical Phases in Planning

Whether the system is an organization, department, business, project, etc., the basic planning process typically includes similar nature of activities carried out in similar sequence. The phases are carried out carefully or — in some cases — intuitively, for example, when planning a very small, straightforward effort. The complexity of the various phases (and their duplication throughout the system) depends on the scope of the system. For example, in a large corporation, the following phases would be carried out in the corporate offices, in each division, in each department, in each group, etc.

1. Reference Overall Singular Purpose (“Mission”) or Desired Result from System.

During planning, planners have in mind (consciously or unconsciously) some overall purpose or result that the plan is to achieve. For example, during strategic planning, it is critical to reference the mission, or overall purpose, of the organization.

2. Take Stock Outside and Inside the System.

This “taking stock” is always done to some extent, whether consciously or unconsciously. For example, during strategic planning, it is important to conduct an environmental scan. This scan usually involves considering various driving forces, or major influences, that might effect the organization.

3. Analyze the Situation.

For example, during strategic planning, planners often conduct a “SWOT analysis”. (SWOT is an acronym for considering the organization’s strengths and weaknesses, and the opportunities and threats faced by the organization.) During this analysis, planners also can use a variety of assessments, or methods to “measure” the health of systems.

4. Establish Goals.

Based on the analysis and alignment to the overall mission of the system, planners establish a set of goals that build on strengths to take advantage of opportunities, while building up weaknesses and warding off threats.

5. Establish Strategies to Reach Goals.

The particular strategies (or methods to reach the goals) chosen depend on matters of affordability, practicality and efficiency.

6. Establish Objectives Along the Way to Achieving Goals.

Objectives are selected to be timely and indicative of progress toward goals.

7. Associate Responsibilities and Time Lines with Each Objective.

Responsibilities are assigned, including for implementation of the plan, and for achieving various goals and objectives. Ideally, deadlines are set for meeting each responsibility.

8. Write and Communicate a Plan Document.

The above information is organized and written in a document which is distributed around the system.

9. Acknowledge Completion and Celebrate Success.

This critical step is often ignored — which can eventually undermine the success of many of your future planning efforts. The purpose of a plan is to address a current problem or pursue a development goal. It seems simplistic to assert that you should acknowledge if the problem was solved or the goal met. However, this step in the planning process is often ignored in lieu of moving on the next problem to solve or goal to pursue. Skipping this step can cultivate apathy and skepticism — even cynicism — in your organization. Do not skip this step.

To Ensure Successful Planning and Implementation:

A common failure in many kinds of planning is that the plan is never really implemented. Instead, all focus is on writing a plan document. Too often, the plan sits collecting dust on a shelf. Therefore, most of the following guidelines help to ensure that the planning process is carried out completely and is implemented completely — or, deviations from the intended plan are recognized and managed accordingly.

  • Involve the Right People in the Planning Process

Going back to the reference to systems, it is critical that all parts of the system continue to exchange feedback in order to function effectively. This is true no matter what type of system. When planning, get input from everyone who will responsible to carry out parts of the plan, along with representative from groups who will be effected by the plan. Of course, people also should be involved in they will be responsible to review and authorize the plan.

  • Write Down the Planning Information and Communicate it Widely

New managers, in particular, often forget that others do not know what these managers know. Even if managers do communicate their intentions and plans verbally, chances are great that others will not completely hear or understand what the manager wants done. Also, as plans change, it is extremely difficult to remember who is supposed to be doing what and according to which version of the plan. Key stakeholders (employees, management, board members, founders, investor, customers, clients, etc.) may request copies of various types of plans. Therefore, it is critical to write plans down and communicate them widely.

  • Goals and Objectives Should Be SMARTER

SMARTER is an acronym, that is, a word composed by joining letters from different words in a phrase or set of words. In this case, a SMARTER goal or objective is:

Specific:

For example, it is difficult to know what someone should be doing if they are to pursue the goal to “work harder”. It is easier to recognize “Write a paper”.

Measurable:

It is difficult to know what the scope of “Writing a paper” really is. It is easier to appreciate that effort if the goal is “Write a 30-page paper”.

Acceptable:

If I am to take responsibility for pursuit of a goal, the goal should be acceptable to me. For example, I am not likely to follow the directions of someone telling me to write a 30-page paper when I also have to five other papers to write. However, if you involve me in setting the goal so I can change my other commitments or modify the goal, I am much more likely to accept pursuit of the goal as well.

Realistic:

Even if I do accept responsibility to pursue a goal that is specific and measurable, the goal will not be useful to me or others if, for example, the goal is to “Write a 30-page paper in the next 10 seconds”.

Time frame:

It may mean more to others if I commit to a realistic goal to “Write a 30-page paper in one week”. However, it will mean more to others (particularly if they are planning to help me or guide me to reach the goal) if I specify that I will write one page a day for 30 days, rather than including the possibility that I will write all 30 pages in last day of the 30-day period.

Extending:

The goal should stretch the performer’s capabilities. For example, I might be more interested in writing a 30-page paper if the topic of the paper or the way that I write it will extend my capabilities.

Rewarding:

I am more inclined to write the paper if the paper will contribute to an effort in such a way that I might be rewarded for my effort.

  • Build in Accountability (Regularly Review Who is Doing What and By When?)

Plans should specify who is responsible for achieving each result, including goals and objectives. Dates should be set for completion of each result, as well. Responsible parties should regularly review status of the plan. Be sure to have someone of authority “sign off” on the plan, including putting their signature on the plan to indicate they agree with and support its contents. Include responsibilities in policies, procedures, job descriptions, performance review processes, etc.

  • Note Deviations from the Plan and Replan Accordingly

It is OK to deviate from the plan. The plan is not a set of rules. It is an overall guideline. As important as following the plan is noticing deviations and adjusting the plan accordingly.

  • Evaluate Planning Process and the Plan

During the planning process, regularly collect feedback from participants. Do they agree with the planning process? If not, what do not they like and how could it be done better? In large, ongoing planning processes (such as strategic planning, business planning, project planning, etc.), it is critical to collect this kind of feedback regularly.

During regular reviews of implementation of the plan, assess if goals are being achieved or not. If not, were goals realistic? Do responsible parties have the resources necessary to achieve the goals and objectives? Should goals be changed? Should more priority be placed on achieving the goals? What needs to be done?

Finally, take 10 minutes to write down how the planning process could have been done better. File it away and read it the next time you conduct the planning process.

  • Recurring Planning Process is at Least as Important as Plan Document

Far too often, primary emphasis is placed on the plan document. This is extremely unfortunate because the real treasure of planning is the planning process itself. During planning, planners learn a great deal from ongoing analysis, reflection, discussion, debates and dialogue around issues and goals in the system. Perhaps there is no better example of misplaced priorities in planning than in business ethics. Far too often, people put emphasis on written codes of ethics and codes of conduct. While these documents certainly are important, at least as important is conducting ongoing communications around these documents. The ongoing communications are what sensitize people to understanding and following the values and behaviors suggested in the codes.

  • Nature of the Process Should Be Compatible to Nature of Planners

A prominent example of this type of potential problem is when planners do not prefer the “top down” or “bottom up”, “linear” type of planning (for example, going from general to specific along the process of an environmental scan, SWOT analysis, mission/vision/values, issues and goals, strategies, objectives, timelines, etc.) There are other ways to conduct planning. For an overview of various methods, see (in the following, the models are applied to the strategic planning process, but generally are eligible for use elsewhere).

Critical — But Frequently Missing Step — Acknowledgement and Celebration of Results

It’s easy for planners to become tired and even cynical about the planning process. One of the reasons for this problem is very likely that far too often, emphasis is placed on achieving the results. Once the desired results are achieved, new ones are quickly established. The process can seem like having to solve one problem after another, with no real end in sight. Yet when one really thinks about it, it is a major accomplishment to carefully analyze a situation, involve others in a plan to do something about it, work together to carry out the plan and actually see some results.

Organizing.

Organizing can be viewed as the activities to collect and configure resources in order to implement plans in a highly effective and efficient fashion. Organizing is a broad set of activities, and often considered one of the major functions of management. Therefore, there are a wide variety of topics in organizing. The following are some of the major types of organizing required in a business organization.

A key issue in the design of organizations is the coordination of activities within the organization.

  • Coordination

Coordinating the activities of a wide range of people performing specialized jobs is critical if we wish avoid mass confusion. Likewise, various departments as grouping of specialized tasks must be coordinated. If the sales department sells on credit to anyone who wished it, sales are likely to increase but bad-debt losses may also increase. If the credit department approves sales only to customers with excellent credit records, sales may be lower. Thus there is a need to link or coordinate the activities of both departments (credits and sales) for the good of the total organization.

Coordination is the process of thinking several activities to achieve a functioning whole.

Leading

Leading is an activity that consists of influencing other people’s behavior, individually and as a group, toward the achievement of desired objectives. A number of factors affect leadership. To provide a better understanding of the relationship of these factors to leadership, a general model of leadership is presented.

The degree of leader’s influence on individuals and group effectiveness is affected by several energizing forces:

  1. Individual factors.
  2. Organizational factors.
  3. The interaction (match or conflict) between individual and organizational factors.

A leader’s influence over subordinates also affects and is affected by the effectiveness of the group.

* Group effectiveness.

The purpose of leadership is to enhance the group’s achievement. The energizing forces may directly affect the group’s effectiveness. The leader skills, the nature of the task, and the skills of each employee are all direct inputs into group achievement. If, for example, one member of the group is unskilled, the group will accomplish less. If the task is poorly designed, the group will achieve less.

These forces are also combined and modified by leader’s influence. The leader’s influence over subordinates acts as a catalyst to the task accomplishment by the group. And as the group becomes more effective, the leader’s influence over subordinates becomes greater.

There are times when the effectiveness of a group depends on the leader’s ability to exercise power over subordinates. A leader’s behavior may be motivating because it affects the way a subordinate views task goals and personal goals. The leader’s behavior also clarifies the paths by which the subordinate may reach those goals. Accordingly, several managerial strategies may be used.

First, the leader may partially determine which rewards (pay, promotion, recognition) to associate with a given task goal accomplishment. Then the leader uses the rewards that have the highest value for the employee. Giving sales representatives bonuses and commissions is an example of linking rewards to tasks. These bonuses and commissions generally are related to sales goals.

Second, the leader’s interaction with the subordinate can increase the subordinate’s expectations of receiving the rewards for achievement.

Third, by matching employee skills with task requirements and providing necessary support, the leader can increase the employee’s expectation that effort will lead to good performance. The supervisor can either select qualified employees or provide training for new employees. In some instances, providing other types of support, such as appropriate tools, may increase the probability that employee effort leads to task goal accomplishment.

Fourth, the leader may increase the subordinate’s personal satisfaction associated with doing a job and accomplishing job goals by

  1. Assigning meaningful tasks;
  2. Delegating additional authority;
  3. Setting meaningful goals;
  4. Allowing subordinates to help set goals;
  5. Reducing frustrating barriers;
  6. Being considerate of subordinates’ need.

With a leader who can motivate subordinates, a group is more likely to achieve goals; and therefore it is more likely to be affective.

Controlling.

Control, the last of four functions of management, includes establishing performance standards which are of course based on the company’s objectives. It also involves evaluating and reporting of actual job performance. When these points are studied by the management then it is necessary to compare both the things. This study on comparison of both decides further corrective and preventive actions.

In an effort of solving performance problems, management should higher standards. They should straightforwardly speak to the employee or department having problem. On the contrary, if there are inadequate resources or disallow other external factors standards from being attained, management had to lower their standards as per requirement. The controlling processes as in comparison with other three, is unending process or say continuous process. With this management can make out any probable problems. It helps them in taking necessary preventive measures against the consequences. Management can also recognize any further developing problems that need corrective actions.

Although the control process is an action oriented, some situations may require no corrective action. When the performance standard is appropriate and actual performance meets that standard, no changes are necessary. But when control actions are necessary, they must be carefully formulated.

An effective control system is one that accomplishes the purposes for which it was designed.

Controls are designed to affect individual actions in an organization. Therefore control systems have implications for employee behavior. Managers must recognize several behavioral implications and avoid behavior detrimental to the organization.

  • It is common for individuals to resist certain controls. Some controls are designed to constrain and restrict certain types of behavior. For example, Dress codes often evoke resistance.
  • Controls also carry certain status and power implications in organizations. Those responsible for controls placed on important performance areas frequently have more power to implement corrective actions.
  • Control actions may create intergroup or interpersonal conflict within organizations. As stated earlier, coordination is required for effective controls. No quantitative performance standards may be interpreted differently by individuals, introducing the possibility of conflict.
  • An excessive number of controls may limit flexibility and creativity. The lack of flexibility and creativity may lead to low levels of employee satisfaction and personal development, thus impairing the organization’s ability to adapt to a changing environment.

Managers can overcome most of these consequences through communication and proper implementation of control actions. All performance standards should be communicated and understood.

Control systems must be implemented with concern for their effect on people’s behavior in order to be in accord with organizational objectives. The control process generally focuses on increasing an organization’s ability to achieve its objectives.

Effective and efficient management leads to success, the success where it attains the objectives and goals of the organizations. Of course for achieving the ultimate goal and aim management need to work creatively in problem solving in all the four functions. Management not only has to see the needs of accomplishing the goals but also has to look in to the process that their way is feasible for the company.

An Introduction to the Scientific Theory of Management

Scientific management theory was proposed by Frederick Winslow Taylor in the first decade of the 20th century, is the first coherent theory of administration. According to this theory the same principles of management can be applied to all social entities. The governing policies for our homes, farms, state, business, and church, have the same underlying principles. It emphasized on improvements in the lower level of the company rather than at top management. It aimed at studying the relationship between the physical nature of work and the physiological nature of the workmen. It stressed upon specialization, predictability, technical competence and rationality for improving the organizational efficiency and economy.

PRINCIPLES

Taylor gave the following four principles which according to him can be used universally:

-Construct a science for each element of a man’s work.

-Scientifically select, train, teach and develop workmen.

-Management should fully cooperate with workers.

-The division of work and responsibility between management and the workers must be shared equally.

Scientific management, according to Taylor, involves a complete mental revolution on the part of workers towards their duties, work, fellow men and their employers; and on the part of managers, towards their employees and their problems.

TECHNIQUES

The techniques of scientific management facilitate the application of principles of scientific management mentioned below:

FUNCTIONAL FOREMANSHIP: Under this, a worker is supervised and guided by eight functional foremen. Four of these are responsible for planning viz. Order-of-work-and-route-clerk, Instruction-card clerk, Time-and-cost clerk, Shop Clerk. The other four are responsible for execution and serve on shop floor namely, Gang boss, speed boss, inspector and Repair boss.

MOTION STUDY: It involves the observation of all the motions comprised in a particular job and then determination of best set of motions.

TIME STUDY: It is used to determine the standard time for completion of work.

DIFFRENTIAL PIECE RATE PLAN: Under this plan, a worker is paid a low piece rate up to a standard, a large bonus at the standard and a higher piece rate above the standard.

EXCEPTION PRINCIPLE: It involves setting up a large daily task by the management, with reward for achieving targets and penalty for not meeting it.

CRITICISM/OPPOSITION

Scientific management came to be criticized and opposed by various sections for the following reasons:

-It was concentrated on the shop floor. It did not stress on the higher levels of management.

-It was criticized as a mechanistic theory of organization as it neglected the human side of the organization. It treated worker as a machine and sought to make it as efficient as machine itself.

-It was criticized on the ground that it underestimated and oversimplified human motivation by explaining human motivation in terms of monetary aspects only.

-It was also opposed by the managers due to two reasons. First, they would lose their judgment and discretion due to the adoption of scientific methods. Second, their work and responsibilities increases under Taylorism.

The Importance of Project Closeout and Review in Project Management.

Description

The well known English phrase “last but not least” could not better describe how important the project closeout phase is. Being the very last part of the project life-cycle it is often ignored even by large organizations, especially when they operate in multi-project environments. They tend to jump from one project to another and rush into finishing each project because time is pressing and resources are costly. Then projects keep failing and organizations take no corrective actions, simply because they do not have the time to think about what went wrong and what should be fixed next time. Lessons learned can be discussed at project reviews as part of the closeout phase. Closure also deals with the final details of the project and provides a normal ending for all procedures, including the delivery of the final product. This paper identifies the reasons that closeout is neglected, analyzes the best practices that could enhance its position within the business environment and suggest additional steps for a complete project closeout through continuous improvement.

Project managers often know when to finish a projects but they forget how to do it. They are so eager to complete a project that they hardly miss the completion indicators. “Ideally, the project ends when the project goal has been achieved and is ready to hand over to customer” (Wellace et. al, 2004, p156). In times of big booms and bubbles, senior management could order the immediate termination of costly projects. A characteristic example of that is Bangkok’s over investment in construction of sky-scrapers, where most of them left abandoned without finishing the last floors due to enormous costs (Tvede, 2001, p267). Projects heavily attached to time can be terminated before normal finishing point if they miss a critical deadline, such as an invitation to tender. Kerzner (2001, p594) adds some behavioural reasons for early termination such as “poor morale, human relations or labour productivity”. The violent nature of early termination is also known as ‘killing a project’ because it “involves serious career and economic consequences” (Futrel, Shafer D & Shafer L, 2002, 1078). Killing a project can be a difficult decision since emotional issues create pride within an organization and a fear of being viewed as quitters blurs managerial decisions (Heerkens, 2002, p229).

Recognition

The most direct reason that Project Closeout phase is neglected is lack of resources, time and budget. Even though most of project-based organizations have a review process formally planned, most of the times “given the pressure of work, project team member found themselves being assigned to new projects as soon as a current project is completed” (Newell, 2004). Moreover, the senior management often considers the cost of project closeout unnecessary. Sowards (2005) implies this added cost as an effort “in planning, holding and documenting effective post project reviews”. He draws a parallel between reviews and investments because both require a start-up expenditure but they can also pay dividends in the future.

Human nature avoids accountability for serious defects. Therefore, members of project teams and especially the project manager who has the overall responsibility, will unsurprisingly avoid such a critique of their work if they can. As Kerzner (2001, p110) observe, “documenting successes is easy. Documenting mistakes is more troublesome because people do not want their names attached to mistakes for fear of retribution”. Thomset (2002, p260) compares project reviews with the ‘witch hunts’ saying that they can be “one of the most political and cynical of all organizational practices where the victims (the project manager and the team) are blamed by senior management”. While he identifies top management as the main responsible party for a failure, Murray (2001) suggest that the project manager “must accept ultimate responsibility, regardless of the factors involved”. A fair-minded stance on these different viewpoints would evoke that the purpose of the project review is not to find a scapegoat but to learn from the mistakes. After all, “the only true project failures are those from which nothing is learned” (Kerzner, 2004, p303).

Analysis

When the project is finished, the closeout phase must be implemented as planned. “A general rule is that project closing should take no more than 2% of the total effort required for the project” (Crawford, 2002, p163). The project management literature has many different sets of actions for the last phase of the project life cycle. Maylor (2005, p345) groups the necessary activities into a six step procedure, which can differ depending on the size and the scope of the project:

1. Completion

First of all, the project manager must ensure the project is 100% complete. Young (2003, p256) noticed that in the closeout phase “it is quite common to find a number of outstanding minor tasks from early key stages still unfinished. They are not critical and have not impeded progress, yet they must be completed”. Furthermore, some projects need continuing service and support even after they are finished, such as IT projects. While it is helpful when this demand is part of the original statement of requirements, it is often part of the contract closeout. Rosenau and Githens (2005, p300) suggest that “the contractor should view continuing service and support as an opportunity and not merely as an obligation” since they can both learn from each other by exchanging ideas.

2. Documentation

Mooz et. al (2003, p160) defines documentation as “any text or pictorial information that describe project deliverables”. The importance of documentation is emphasized by Pinkerton (2003, p329) who notes that “it is imperative that everything learned during the project, from conception through initial operations, should be captured and become an asset”. A detailed documentation will allow future changes to be made without extraordinary effort since all the aspects of the project are written down. Documentation is the key for well-organized change of the project owner, i.e. for a new investor that takes over the project after it is finished. Lecky-Thompson (2005, p26) makes a distinction between the documentation requirements of the internal and the external clients since the external party usually needs the documents for audit purposes only. Despite the uninteresting nature of documenting historical data, the person responsible for this task must engage actively with his assignment.

3. Project Systems Closure

All project systems must close down at the closeout phase. This includes the financial systems, i.e. all payments must be completed to external suppliers or providers and all work orders must terminate (Department of Veterans Affairs, 2004, p13). “In closing project files, the project manager should bring records up to date and make sure all original documents are in the project files and at one location” (Arora, 1995). Maylor (2005, 347) suggest that “a formal notice of closure should be issued to inform other staff and support systems that there are no further activities to be carried out or charges to be made”. As a result, unnecessary charges can be avoided by unauthorized expenditure and clients will understand that they can not receive additional services at no cost.

4. Project Reviews

The project review comes usually comes after all the project systems are closed. It is a bridge that connects two projects that come one after another. Project reviews transfer not only tangible knowledge such as numerical data of cost and time but also the tacit knowledge which is hard to document. ‘Know-how’ and more important ‘know-why’ are passed on to future projects in order to eliminate the need for project managers to ‘invent the wheel’ from scratch every time they start a new project. The reuse of existing tools and experience can be expanded to different project teams of the same organization in order to enhance project results (Bucero, 2005). Reviews have a holistic nature which investigate the impact of the project on the environment as a whole. Audits can also be helpful but they are focused on the internal of the organization. Planning the reviews should include the appropriate time and place for the workshops and most important the people that will be invited. Choosing the right people for the review will enhance the value of the meeting and help the learning process while having an objective critique not only by the team members but also from a neutral external auditor. The outcome of this review should be a final report which will be presented to the senior management and the project sponsor. Whitten (2003) also notices that “often just preparing a review presentation forces a project team to think through and solve many of the problems publicly exposing the state of their work”.

5. Disband the project team

Before reallocating the staff amongst other resources, closeout phase provides an excellent opportunity to assess the effort, the commitment and the results of each team member individually. Extra-ordinary performance should be complemented in public and symbolic rewards could be granted for innovation and creativity (Gannon, 1994). This process can be vital for team satisfaction and can improve commitment for future projects (Reed, 2001). Reviewing a project can be in the form of a reflective process, as illustrated in the next figure, where project managers “record and critically reflect upon their own work with the aim of improving their management skills and performance” (Loo, 2002). It can also be applied in problematic project teams in order to identify the roots of possible conflicts and bring them into an open discussion.

Ignoring the established point of view of disbanding the project team as soon as possible to avoid unnecessary overheads, Meredith and Mandel (2003, p660) imply that it’s best to wait as much as you can for two main reasons. First it helps to minimize the frustration that might generate a team member’s reassignment with unfavourable prospects. Second it keeps the interest and the professionalism of the team members high as it is common ground that during the closing stages, some slacking is likely to appear.

6. Stakeholder satisfaction

PMI’s PMBoK (2004, p102) defines that “actions and activities are necessary to confirm that the project has met all the sponsor, customer and other stakeholders’ requirements”. Such actions can be a final presentation of the project review which includes all the important information that should be published to the stakeholders. This information can include a timeline showing the progress of the project from the beginning until the end, the milestones that were met or missed, the problems encountered and a brief financial presentation. A well prepared presentation which is focused on the strong aspects of the projects can cover some flaws from the stakeholders and make a failure look like an unexpected success.

Next Steps

Even when the client accepts the delivery of the final product or service with a formal sign-off (Dvir, 2005), the closeout phase should not be seen as an effort to get rid of a project. Instead, the key issue in this phase is “finding follow-up business development potential from the project deliverable” (Barkley & Saylor, 2001, p214). Thus, the project can produce valuable customer partnerships that will expand the business opportunities of the organization. Being the last phase, the project closeout plays a crucial role in sponsor satisfaction since it is a common ground that the last impression is the one that eventually stays in people’s mind.

Continuous improvement is a notion that we often hear the last decade and review workshops should be involved in it. The idea behind this theory is that companies have to find new ways to sustain their competitive advantage in order to be amongst the market leaders. To do so, they must have a well-structured approach to organizational learning which in project-based corporations is materialized in the project review. Garratt (1987 in Kempster, 2005) highlighted the significance of organizational learning saying that “it is not a luxury, it is how organizations discover their future”. Linking organizational learning with Kerzner’s (2001, p111) five factors for continuous improvement we can a define a structured approach for understanding projects.

This approach can be implemented in the closeout phase, with systematic reviews for each of the above factors. Doing so, project closure could receive the attention it deserves and be a truly powerful method for continuous improvement within an organization. Finally, project closeout phase should be linked with PMI’s Organizational Project Management Maturity (OPM3) model where the lessons learned from one project are extremely valuable to other projects of the same program in order to achieve the highest project management maturity height.

References

1. A Guide to Project Management Body of Knowledge, 2004, 3rd Edition, Project Management Institute, USA, p102

2. Arora M, 1995, Project management: One step beyond, Civil Engineering, 65, 10, [Electronic], pp 66-68

3. Barkley & Saylor, 2001, Customer-Driven Project Management, McGraw-Hill Professional, USA, p214

4. Bucero A, 2005, Project Know-How, PM Network, May 2005 issue, [Electronic], pp 20-22

5. Crawford K, 2002, The Strategic Project Office, Marcel Dekker, USA, p163

6. Department of Veteran Affairs, 2004, Project Management Guide, Office of Information and Technology – USA Government, p13

7. Dvir D, 2005, Transferring projects to their final users: The effect of planning and preparations for commissioning on project success, International Journal of Project Management vol. 23, [Electronic], pp 257-265

8. Futrel R, Shafer D & Shafer L, 2002, Quality Software Project Management, Prentice Hall PTR, USA, p1078

9. Gannon, 1994, Project Management: an approach to accomplishing things, Records Management Quarterly, Vol. 28, Issue 3, [Electronic], pp 3-12

10. Heerkens G, 2002, Project Management, McGraw-Hill, USA, p229

11. Kempster S, 2005, The Need for Change, MSc in Project Management: Change Management module, Lancaster University, [Electronic], slide 16

12. Kerzner H, 2004, Advanced Project Management: Best Practices on Implementation, 2nd Edition, Wiley and Sons, p303

13. Kerzner H, 2001, Project Management – A Systems Approach to Planning, Scheduling and Controlling, 7th Edition, John Wiley & Sons, New York, p594

14. Kerzner H, 2001, Strategic Planning For Project Management Using A Project Management Maturity Model, Wiley and Sons, pp 110-111

15. Lecky-Thompson G, 2005, Corporate Software Project Management, Charles River Media, USA, p26

16. Loo R, 2002, Journaling: A learning tool for project management training and team-building, Project Management Journal; Dec 2002 issue, vol. 33, no. 4, [Electronic], pp 61-66

17. Maylor H, 2005, Project Management, Third Edition with CD Microsoft Project, Prentice Hall, UK, p345

18. Mooz H, Forsberg K & Cotterman H, 2003, Communicating Project Management: The Integrated Vocabulary of Project Management and Systems Engineering, John Wiley and Sons, USA, p160

19. Murray J, 2001, Recognizing the responsibility of a failed information technology project as a shared failure, Information Systems Management, Vol. 18, Issue 2, [Electronic], pp 25-29

20. Newell S, 2004, Enhancing Cross-Project Learning, Engineering Management Journal, Vol. 16, No.1, [Electronic], pp 12-20

21. Organizational Project Management Maturity (OPM3): Knowledge Foundation, 2003, 3rd Edition, Project Management Institute, USA

22. Pinkerton J, 2003, Project Management, McGraw-Hill, p329

23. Reed B, 2001, Making things happen (better) with project management, May/Jun 2001 issue, 21, 3, [Electronic], pp 42-46

24. Rosenau & Githens, 2005, Successful Project Management, 4th Edition, Wiley and Sons, USA, p300

25. Sowards D, 2005, The value of post project reviews, Contractor, 52, 8, [Electronic], p35

26. Thomset R, 2002, Radical Project Management, Prentice Hall PTR, USA, p260

27. Whitten N, 2003, From Good to Great, PM Network, October 2003 issue, [Electronic]

28. Young, 2003, The Handbook of Project Management: A Practical Guide to Effective Policies and Procedures, 2nd Edition, Kogan Page, UK, p256

Skin Type Affects Which Make-Up Is Chosen for Women

As opposed to do their own cosmetics and hair for the most essential day of their lives, numerous ladies contract a beautician and make-up craftsman to deal with those obligations for her and the wedding party. Proficient make-up specialists are prepared to pick the correct items for her skin sort and to help a lady’s look wonderful. Here are a portion of the ways ladies’ skin sorts influence which make-up items are picked.
Fundamental Skin Types

There are five fundamental skin sorts among people:
Ordinary
Blend
Dry
Sleek
Delicate

There are items which can make each skin sort look great since they address the particular issues, including race, which influences a lady’s skin. For example, an expert make-up craftsman in a city with an expansive Asian populace would know the best items to use for Asian wedding make-up. Knowing which items to apply counteracts skin disturbances, blushing, imperfections and different issues which could be show up on their skin and destroy a lady of the hour’s wedding pictures.

Skin Issues and Make-up

The kind of skin a lady has will influence which sort of make-up is utilized on the grounds that items can bring about skin flare-ups. Ladies with ordinary skin, which has little pores and seems brilliant, as a rule have few skin issues. They frequently require little make-up on the grounds that they have such excellent skin with which to work.

Blend skin can be more troublesome as it contains components of dry or ordinary and slick skin. The skin can seem sparkly, particularly in the “T-zone,” which is the brow, nose and button, since it is slick. Be that as it may, whatever remains of it might be dry or ordinary, so the make-up utilized on a few segments of the face may have creams in it, while the T-zone, the make-up might be without oil and comprise of more powder to help counteract gloss.
Ladies who have dry skin will as a rule have a lotion connected before the establishment is added to ensure their skin doesn’t dry out much more. The make-up picked may likewise contain creams to help sustain the skin and cover up noticeable lines, redness and make the composition look brighter in light of the fact that it can have a tendency to be dull. Sleek skin sorts have the inverse issue as their skin can seem, by all accounts, to be sparkling, as though they are sweating.
Make-up utilized for sleek skin can help close the open pores and light up a dull composition or help cover its slick sparkle. The vast majority of the make-up made for sleek skin contains practically nothing, assuming any, oils and most make-up specialists will utilize powdered establishments before applying the other make-up. They should be watchful what sort of items are utilized on ladies with touchy skin as they can bother skin, make it be red and bothersome or even feel as it is consuming if the wrong items are connected.

Managerial Economics – Application of Economic Theory in Solving Business Problems!

Managerial economics is concerned with various micro and macro economic tools and the analysis of which can be used in managerial decision making to solve business problems. Micro economic tools that are used in this subject include demand analysis, production and cost analysis, break-even analysis, pricing theory and practice, technical progress, location decisions and capital budgeting. The macro economic concepts that are directly or indirectly relevant to managerial decision-making comprise national income analysis, business cycles, monetary policy, fiscal policy, central banking, government finance, economic growth, international trade, balance of payments, free trade protectionism, exchange rates and international monetary system.

The scope of this managerial science is wide and it has close connections with economic theory, decision sciences and accountancy. Traditional economics talks about the theory and methodology while managerial economics applies economic theory and methodology to solve business problems. It uses the tools and techniques of analysis to provide with optimal solutions to business problems.

  • Relationship with economics:

Managerial economics borrows concepts from economics just as engineering does from physics and medicine from biology. The analysis of both micro and macro economic concepts add valuable inputs to the organization. Say, national income forecasting is an important aid to business condition analysis which in turn could be a priceless input for forecasting the demand for specific product groups. The theories of market structure can be analyzed for the purpose of market segmentation.

  • Relationship with decision sciences:

Decision models are created to format the solutions for problem situations and the process utilizes techniques like, optimization, differential calculus and mathematical programming. This also helps to analyze the impact of alternate course of action and evaluate the results obtained form the model.

  • Relationship with accounting:

Accounting data and statements constitute the language of business. The accounting profession considerably influences cost and revenue information and their classification. A manager should therefore be familiar with the generation, interpretation and use of accounting data. Accounting moreover is viewed as a management decision tool and not anymore as a mere practice of bookkeeping. The concepts and practices of accounting can be very well applied to improve the economic scope of a project.

Economics is an interesting subject as it deals with the day-to-day problems of a common man and at the same time is concerned with the economic prosperity of a country as a whole. Its primary focus is on scarce resource allocations among competing ends. Individuals, enterprises and nations face problems of resource allocation. Managerial economics may be viewed as economics applied to problem solving at the level of the firm.

What Services Do Property Management Companies Offer?

Owning real estate is a wonderful feeling, especially for those who have really toiled for many years to become a property owner. Though it might sound a little materialistic, but a property is actually a mark of someone’s hard work. Thus, when a family has to relocate to some other place far from their land or property, due to job commitment or any other reason, it is a natural concern to be worried about the property. Managing the property effectively, without keeping an eye on it regularly, is almost impossible for the landlord. This is exactly when a property owner should start looking for a professional property management company. However, it is good to know what services these property management companies offer before you go ahead and fix a meeting with any agency. This would actually give you a clear idea of what you should expect and ask for while interviewing the property manager.

Basically, these companies deal with flats, villas, independent houses, rental apartments and commercial properties. Once you sign a legal agreement with any of these companies, it actually becomes their responsibility to rent out your property by searching suitable tenants. To look for right tenants, they advertise your property through the local media. The replies that come to the property advertisement are promptly attended by the company. Their expert staff then shows the whole rental property to the prospective tenants. In fact a clear and detailed report is provided to the landlord on all those potential tenants who had come to check out the property. This is to ensure that the landlord makes a right decision. Once the tenants are finalized, then the company would execute a rental agreement.

The responsibility of the company does not end here. They collect monthly rent on the landlord’s behalf and deposit it into his bank account. Apart from the timely rent collection, the professionals would also visit the property regularly, in order to make sure that it is efficiently maintained and not harmed by the tenants. Professional photographers are hired to take the photographs of various parts of a property to be sent to the landlord. Though these visits by the property managers are periodical, they are always keen to help tenants if they find anything objectionable.

Also, in case there is a repair work to be done, the company takes care of it by appointing an external contractor to fix the problem areas. Another very important service offered by a property management agency is conducting an inventory audit. It is conducted when a property is rented out to a tenant and when he/she vacates it. The reason for conducting this audit is to make sure that all physical assets of the property are in a good condition. To summarize, the services proffered by a property management company play a pivotal role in reducing the burden of a landlord, owning multiple properties. Therefore when you actually enter into a contract with such a company and you can indeed be totally assured of getting quality services.